Research On The Input-output Efficiency Of Chinese Food Listed Companies

Dinning counts most for people,of which safety comes first.Food industry is closely related to health and quality of people’s consumption in our country, playing an important role in the national economy, is most accumulation and industries with the highest degree of agricultural dependency in the nation’s the consumer goods industry. However, in recent years, the frequent quality problems of food enterprises in our country, especially "melamine" event in 2008, makes people security threatened again and again, shaken public confidence in China’s food enterprises and cause of food business’s reputation continues to suffer heavy losses, finally form preference for foreign food in hot pursuit.The reason of domestic food quality safety situation is numerous, but the fundamental problem lies in the transition economies of Chinese food enterprises are facing tremendous demand uncertainty, further enhancing its cost constraints, the profit-driven nature of capital requirements under food companies taken at the expense of food quality and safety at the expense of non-rational behavior to reduce costs and achieve its goal of profit maximization.Needless to say, on the premise of guarantee the quality of food safety, improve the enterprise’s efficiency contribution to the enterprise development is the rational choice and fundamental way of food enterprise, but also realize the power basis of its sustainable development. As a representative of advanced productive forces in the China’s food industry, the research on efficiency of food listed company, can be in favor of efficiency theory and helps to objectively understand the efficiency of food listed companies, find out the influencing factors, accurate grasp the pulse of the development of China’s food enterprises, and guide enterprises towards the ideals and sustainable direction, to regain public confidence in the Chinese food business, which can enrich theoretical research in the field of the company efficiency and guide food industry policy. However, most scholars research food company efficiency as a whole neglecting heterogeneity of the company and using of simple DEA or SFA as methods, As to DEA method corresponding measures of efficiency are sensitive to the sampling variations of the obtained frontier, as to SFA method there maybe existing model specification error.This paper based on the perspective of enterprise heterogeneity, put forward for the crucial question of food listed companies’ efficiency, what is the difference between food listed companies in our country and the international advanced food listed companies? What is the efficiency difference of food and beverage listed companies? What are the Exogenous environmental factors influencing the efficiency level of the food listed companies? What are the total factor productivity of food listed companies and how is convergence? to answer these question, this article takes our country food listed companies as the research object, conducted theoretical and empirical test of its efficiency, in order to enrich the existing food listed company efficiency theory, and to provide scientific advice to develop the practice of Chinese listed companies in the food, specific launch from the following aspects.Firstly, this paper draw lessons from the domestic and foreign scholars about the food industry and enterprise efficiency literature as the basis of literatures, this study also reference domestic and foreign scholars about economic growth and the relevant achievements of firm theory as the theoretical basis of this study, define the research object and the research concept,forming the theory starting point of this study.Secondly, to achieve the research goal, this paper use of comparative analysis on China’s food listed companies on the vertical and horizontal historical comparison international comparison, and find out Chinese food listed company’s operating characteristics and the difference among food listed companies in United States, China Taiwan and Hong Kong. The China’s food listed companies is most small-scale and not ideal profitability, these formed the reality starting point to the research.Thirdly, at the static efficiency level in order to overcome the defect of traditional DEA methods, which seem any deviation of production frontier as management of inefficiency without considering exogenous environment and random error, this paper used the traditional DEA method to measure food overall and segmentation efficiency of listed companies in our country, and then uses the four stages of DEA method stripping exogenous environment variables influence on efficiency of food listed companies in our country, finally using the Bootstrap - DEA method to estimate confidence intervals for technical efficiency, which provides a correction for the inherent bias in four stage DEA estimation. In dynamic empirical level this paper uses the Bootstrap-Malmquist index method to measure the total factor productivity and its confidence interval of Chinese food listed company, overcoming the existing Malmquist-DEA index without statistical inference.Finally, this paper summarizes the study found that the low efficiency of China’s food listed companies because the scale inefficiency; either government subsidies or tax fiscal policy is not conducive to improving the efficiency of food listed companies; the impact of the ratio of the largest shareholder of efficiency presents a strong ownership differences, with the stake of the largest shareholder of listed companies to reduce the efficiency of the listed food in state-owned enterprises, with the stake of the largest shareholder of listed companies in food increased efficiency in the non-state-owned enterprises increased; The technological progress of food listed companies has periodic and is not sustainable, its long-term growth should pay more attention to continuous improvement in efficiency. Accordingly put forward to encourage enterprise merger and reorganization, and actively improve the scale efficiency; seek effective way of subsidies, further reducing tax rates; strengthen the reform of state-owned enterprises, promote the reduction of state-owned shares; Adjust measures to local conditions and the combination of company conditions, implement differentiation innovation incentive countermeasures and Suggestions.Overall, this study achieved the unity of theory and empirical, and is a systematic research on the efficiency problem of the food listed companies in our country, the research is theoretical complement to existing enterprise efficiency, and is a useful guide to enhance the efficiency of listed companies. In a word, this paper extending the macroeconomic growth analysis framework to the microscopic enterprise efficiency problem is a kind of new attempt; Empirical methods adopted by the four stages of DEA model, the Bootstrap - DEA model and the Bootstrap-Malmquist index method is one of the most advanced method in this study area; The empirical content based on the perspective of heterogeneity, the static efficiency and dynamic efficiency of food listed company in our country makes a detailed and in-depth research, obtaining credible and valuable conclusions.